Kauer to Step Down as Converium CFO, Exec.VP

November 4, 2004

Swiss-based Converium announced that Group CFO and Executive Vice-President Martin A. Kauer intends to leave the Company effective early 2005.

“The Board of Directors has taken note of Mr. Kauer’s intended departure and thanks him for his efforts for Converium and for his ensuring continuity of management during the period of transition. This will allow the Board to find a suitable successor,” said the announcement.

Kauer joined Converium when it was formed as the successor to Zurich Financial Services reinsurance operations. He had been CFO of Zurich’s reinsurance activities since July 1998.

His recent appearance at the European Insurance Summit 2004 was one of the conference highlights. His presentation of the differences in capital models used by company’s and rating agencies was informative and timely, especially in light of his company’s recent downgrades. His comment on that was classic: “rating agencies are a reality, and we have to live with them.”

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